Saturday, December 27, 2008

$40,000 Christmas present for all

Those of you tracking property prices with intentions of possibly purchasing should also be looking at the impact of interest rates if you're planning to finance your purchase. Freddie Mac's December 24th survey finds the national average of 30 year fixed rate mortgages at 5.19%, their lowest point of the year and a full point and a quarter below the rate just seven weeks earlier. The payment on a $300,000 mortgage has dropped by $252 per month in just seven weeks, the equivalent of a $40,000 price cut. Definitely not insignificant.

The weather in Cocoa Beach continues to hover in the mid-70s as we approach 2009. I'm seeing winter on the TV but it just hasn't touched us here, yet. My best wishes to all of you for a prosperous New Year. I will do my year-end wrap-up next week with my picks for deals of the year with a few dubious distinctions for flavor. Should be interesting. Peace out.

"I can breathe in a small town."
_________John Mellencamp